信贷市场信用评级收费模式的路径选择
发布时间：2018-07-22 10:59
【摘要】：全球金融危机以来,人们对信用评级业特别是对标普等三大评级公司的评级行为及结论给予了高度关注。从次贷危机到全球金融危机,再到欧洲主权债务危机,评级业引起了金融市场的普遍不满,其评级水平、方法和机制等受到了广泛质疑。其中,发行人付费的评级收费模式所面临的利益冲突问题被认为是重要原因之一,利益冲突可能直接影响其独立性。 我国是以间接融资为主的发展中国家,信贷市场应当是信用评级发展的主要市场。由于我国信贷市场信用评级起步较晚,发展不成熟,尚未建立有效的声誉机制,评级机构小、散、弱状况突出,市场有效需求和应用不足,对评级收费模式的研究比较欠缺。由于评级收费模式可以直接影响评级结果的公正性、独立性,以及评级机构的社会公信力,因此研究信贷市场信用评级收费模式,对于我国信贷市场信用评级市场的健康发展,构建良好的信用环境和金融秩序具有重要意义。 本文在阐述相关评级收费基本理论的基础上,介绍了国内外信贷市场信用评级开展情况,结合我国信贷市场信用评级的特点,对债券市场和信贷市场信用评级差异进行比较,分析我国目前信贷市场主要评级收费模式的特点,并以信用评级“莱商模式”、“农信模式”为典型案例,研究探讨适合我国国情信贷市场信用评级收费模式的发展路径。 本文的主要研究成果和创新之处可以归纳如下： 1.从“声誉机制”、“谁受益谁付费”、“执行成本”、“实际委托人”“规避利益冲突”五个视角,对目前信贷市场上存在的“被评级企业付费”、“使用方付费”、“代收费”等三种评级收费模式进行全面分析和比较,分析其存在的环境基础和优势特点。 2.信贷市场信用评级的有效需求在地方中小金融机构。中小企业由于户数多,一般通过地方中小金融机构获取信贷资金,地方中小金融机构对外部信用评级产品存在现实需求。 3.“被评级企业付费”模式将在一段时期内长期存在。由于中小企业在信贷市场往往处于被动和弱势地位,由借款企业支付评级费用,更容易被市场接受。 4.“使用方付费”是部分中小金融机构的阶段性需求。为确保外部评级客观、公正,部分有资金实力中小金融机构选择了买断评级报告的模式,学习评级技术。 5.“代收费模式”应该是未来评级收费发展方向。它阻断了评级机构与受评企业的利益纠葛,既解决了借款企业付费带来的“评级购买”问题,又解决了商业银行全部承担评级费用带来的财力负担问题。
[Abstract]:Since the global financial crisis, people have paid great attention to the credit rating industry, especially to the rating behavior and conclusions of the three major rating companies such as S & P. From the subprime mortgage crisis to the global financial crisis to the European sovereign debt crisis, the rating industry has caused widespread dissatisfaction in financial markets, its rating level, methods and mechanisms have been widely questioned. Among them, the issue of conflict of interest faced by issuer's rate charging model is considered to be one of the important reasons, and the conflict of interest may directly affect its independence. China is a developing country with indirect financing, and credit market should be the main market for credit rating development. Due to the late start and immature development of credit rating in our credit market, there is no effective reputation mechanism, the rating agencies are small, scattered, weak situation is prominent, market effective demand and application is insufficient, and the research on rating charging model is relatively lacking. Since the rating charging model can directly affect the impartiality, independence and social credibility of the rating agencies, the study of the credit rating charging model in the credit market is of great importance to the healthy development of the credit rating market in China. It is of great significance to build a good credit environment and financial order. On the basis of expounding the basic theory of related rating and charging, this paper introduces the development of credit rating in domestic and foreign credit markets, and compares the differences between bond market and credit market credit rating according to the characteristics of credit rating in China's credit market. This paper analyzes the characteristics of the main credit rating and charging modes in the credit market of China, and takes the credit rating model as the typical cases to study and discuss the development path of the credit rating charging model suitable for our country's national conditions. The main achievements and innovations of this paper can be summarized as follows: 1. From the five perspectives of "reputation mechanism", "who benefits who pays", "execution cost", "actual client" and "avoiding conflict of interest", the author pays for the existing credit market of "rated enterprise", "user pays", This paper makes a comprehensive analysis and comparison of three kinds of rating and charging modes, such as "surrogate charge", and analyzes its environmental basis and advantages and characteristics. 2. Credit market credit rating effective demand in local small and medium-sized financial institutions. Because of the large number of households, SMEs generally obtain credit funds through local small and medium-sized financial institutions, and local small and medium-sized financial institutions have a realistic demand for external credit rating products. 3. The "rated companies pay" model will exist for a long time. Because SMEs are often in a passive and weak position in the credit market, it is easier to accept rating fees from borrowing companies. 4. 4. User-paying is the phased demand of some small and medium-sized financial institutions. To ensure that external ratings are objective and fair, some small and medium-sized financial institutions with financial strength have chosen the model of buy-out rating reports, and have studied rating techniques. 5. "surrogate charging mode" should be the future development direction of rating fees and charges. It not only resolves the problem of "rating purchase" brought about by the payment of loan enterprises, but also resolves the financial burden caused by the commercial banks bearing all the rating costs.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.4
本文编号：2137223
[Abstract]:Since the global financial crisis, people have paid great attention to the credit rating industry, especially to the rating behavior and conclusions of the three major rating companies such as S & P. From the subprime mortgage crisis to the global financial crisis to the European sovereign debt crisis, the rating industry has caused widespread dissatisfaction in financial markets, its rating level, methods and mechanisms have been widely questioned. Among them, the issue of conflict of interest faced by issuer's rate charging model is considered to be one of the important reasons, and the conflict of interest may directly affect its independence. China is a developing country with indirect financing, and credit market should be the main market for credit rating development. Due to the late start and immature development of credit rating in our credit market, there is no effective reputation mechanism, the rating agencies are small, scattered, weak situation is prominent, market effective demand and application is insufficient, and the research on rating charging model is relatively lacking. Since the rating charging model can directly affect the impartiality, independence and social credibility of the rating agencies, the study of the credit rating charging model in the credit market is of great importance to the healthy development of the credit rating market in China. It is of great significance to build a good credit environment and financial order. On the basis of expounding the basic theory of related rating and charging, this paper introduces the development of credit rating in domestic and foreign credit markets, and compares the differences between bond market and credit market credit rating according to the characteristics of credit rating in China's credit market. This paper analyzes the characteristics of the main credit rating and charging modes in the credit market of China, and takes the credit rating model as the typical cases to study and discuss the development path of the credit rating charging model suitable for our country's national conditions. The main achievements and innovations of this paper can be summarized as follows: 1. From the five perspectives of "reputation mechanism", "who benefits who pays", "execution cost", "actual client" and "avoiding conflict of interest", the author pays for the existing credit market of "rated enterprise", "user pays", This paper makes a comprehensive analysis and comparison of three kinds of rating and charging modes, such as "surrogate charge", and analyzes its environmental basis and advantages and characteristics. 2. Credit market credit rating effective demand in local small and medium-sized financial institutions. Because of the large number of households, SMEs generally obtain credit funds through local small and medium-sized financial institutions, and local small and medium-sized financial institutions have a realistic demand for external credit rating products. 3. The "rated companies pay" model will exist for a long time. Because SMEs are often in a passive and weak position in the credit market, it is easier to accept rating fees from borrowing companies. 4. 4. User-paying is the phased demand of some small and medium-sized financial institutions. To ensure that external ratings are objective and fair, some small and medium-sized financial institutions with financial strength have chosen the model of buy-out rating reports, and have studied rating techniques. 5. "surrogate charging mode" should be the future development direction of rating fees and charges. It not only resolves the problem of "rating purchase" brought about by the payment of loan enterprises, but also resolves the financial burden caused by the commercial banks bearing all the rating costs.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.4
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